Most highly-educated Hong Kongers open to buying cover online – study

Parents and higher income earners are also among those open to digital distribution

Most highly-educated Hong Kongers open to buying cover online – study

Insurance News

By Gabriel Olano

Almost 80% of university-educated Hong Kongers would consider buying life insurance online. This was revealed in the findings of digital life insurer Blue in its Customer Council survey for the fourth quarter of 2019.

In a statement, Blue said that the regular survey analyses online life insurance purchasing habits among the Hong Kong public, as well as their access to insurance information. The insights gathered will then be used by the company to help improve its product offerings and customer experiences.

The survey, which was conducted from August to October, found that there is tremendous growth potential in Hong Kong’s digital insurance market, particularly among highly educated individuals, higher income earners, and parents.

Among the respondents who would consider purchasing life insurance online, 79% are university educated or above; 63% have a monthly household income of HK$50,000 or above; and 35% have a HK$40,000 or above monthly personal income.

Meanwhile, 72% of respondents aged 24 to 59 and 63% of parents aged 24 to 49 reported that they use online channels to gather insurance information.

“As part of Blue’s efforts to better understand customers’ needs, we have set up the Blue Customer Council to collect regular customer feedback and build proprietary data on the digital insurance landscape,” said Sarah Tam, vice president and head of customer at Blue. “We are delighted to see such encouraging results of the survey, with the majority of potential customers welcoming the adoption of online life insurance purchases and online information. We expect the trend to continue in the coming future.”

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